Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which type of accounting would most directly record and report transactions such as writing checks or paying bills directly from an online savings account?

Cash Accounting

Financial Accounting

Bank Reconciliation Accounting

Managerial Accounting

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Verified step by step guidance

Understand the concept of Cash Accounting: Cash accounting is a method where transactions are recorded when cash is actually received or paid, making it the most direct method for recording activities like writing checks or paying bills.

Compare Cash Accounting with Financial Accounting: Financial accounting focuses on preparing financial statements and reports for external stakeholders, which may include accrual-based transactions rather than direct cash activities.

Evaluate Bank Reconciliation Accounting: Bank reconciliation accounting involves comparing the bank statement with the company's records to ensure accuracy, but it does not directly record transactions like writing checks or paying bills.

Analyze Managerial Accounting: Managerial accounting is used for internal decision-making and planning, focusing on budgets and forecasts rather than direct transaction recording.

Conclude that Cash Accounting is the most appropriate type for directly recording and reporting transactions such as writing checks or paying bills from an online savings account.